Bank of America is investing $40m in training up youths and young adults to prepare them for modern jobs.
A new US initiative to help 100,000 youths upskill their way into the workforce has been established by Bank of America.
Supported by non-profits around the US, the bank is funding summer internships, education and job training, as well as supporting “diverse talent” to help build a “pipeline that will strengthen”.
Bank of America plan
“Investing in young adults to help provide them with the opportunities they need to build their career skills makes a meaningful impact in their lives and the lives of our communities,” said Brian Moynihan, chairman and CEO of the bank.
The issues Bank of America is targeting are twofold. Firstly, it’s difficult to get trained staff into a fintech environment that is drastically changing at the moment.
Secondly, unemployment in the US is pretty high, with 7.6pc of all young people in America (aged 16-24) neither working nor in school. That equates to 3m people.
Urban Alliance, Jobs for the Future, and Boys & Girls Clubs of America are among the non-profits partnering up with the programme, which will see education grants supplied to members of low-income communities.
For example, by partnering with Year Up, the bank will aim to help low-income young adults gain skills and work experience, including apprenticeships at the company, which should put them in good shape for future employment.
Bank of America image via Sean Pavine/Shutterstock